Cancellation of Listing

Source: www.gulfoilandgas.com 3/19/2021, Location: North America

Canadian Overseas Petroleum Limited ("COPL"), an international oil and gas exploration and development company, focused on sub-Saharan Africa and North America.

As previously announced, on March 18, 2021, the Company has now completed the acquisition of Atomic Oil and Gas LLC and its related parties (the "Atomic Acquisition"). On March 17, 2021, in anticipation of completing the Atomic Acquisition, the Company announced that it had applied for, and as a result of, the Atomic Acquisition becoming unconditional, been granted by the Financial Conduct Authority (the "FCA"), a suspension of the listing of the Company's common shares with effect from 7:30 am on March 17, 2021 (the "Suspension"). As previously announced the Suspension was sought as the Atomic Acquisition amounted to a reverse takeover under the Listing Rules and the Suspension would prevent further trading in the Company's common shares.

At the time the Suspension was announced, the Company advised the market as to its intention to make a further application to the FCA under the Listing Rules for the cancellation of the Company's listing of its common shares (the "Cancellation Application"), ahead of a proposed listing application of the enlarged COPL group following the Atomic Acquisition. The Company will today formally make the Cancellation Application to the FCA and the cancellation is expected to take effect on 21 April 2021, being 20 business days from the time when the Cancellation Application was made to the FCA and the date of this announcement.

The Company wishes to expressly confirm that the Cancellation Request will not affect the listing of the Company's securities on the Canadian Stock Exchange, which will remain listed on the Canadian Stock Exchange. Furthermore, all holders of common shares as at the date of this announcement will remain on the Company's register of members.

The Company will continue to update the market as and when appropriate.


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